Following today’s release of Puma’s figures for the 12 weeks ending 31 March 2026; Sharon Iles, senior apparel analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “Puma started 2026 with a reported sales decline of 6.3% to €1.9bn in Q1, and currency-adjusted sales falling 1.0%, showing significant foreign exchange headwinds. The currency-adjusted figure was flattered by inventory clearance through select wholesale partners, suggesting underlying demand remained muted. Indeed, Adidas reported a strong 4.8% sales growth in Q1 FY2026 yesterday, highlighting Puma’s lag against its major competitor. Puma confirmed its full-year guidance of a currency-adjusted sales decline in the low-to mid-single-digit range, with adjusted EBIT of €64.4m marginally ahead of the prior-year comparable, which is a positive signal that its cost efficiency programme is gaining traction. Despite this set of disappointing results, the prospect of improved profits was enough to satisfy investors, with Puma’s share price growing c.3% in early morning trade.
“Asia Pacific was the standout region, with currency-adjusted sales increasing 7.9%, with China leading growth at 9.0%, driven by direct-to-consumer (DTC) strength across owned retail and e-commerce channels. Notably, ANTA’s acquisition of a stake in Puma in January 2026 appears to be bearing fruit in the market, lending the brand greater local resonance and distribution reach that is translating into tangible sales gains in the region. In the Americas, currency-adjusted sales rose 6.1%. Latin America led with 10.5% growth, thanks to improving underlying demand, while North America contributed a more modest 2.3% increase, partly supported by an inventory clearance offsetting the deliberate reduction of undesirable wholesale distribution partners. EMEA was the weakest region, with currency-adjusted sales down 10.4%, dragged by softer demand and lower Middle East revenues amid the ongoing conflict.
“From a product perspective, footwear’s currency-adjusted sales declined 2.3%, though the NITRO™ running range and rapidly scaling HYROX-specific product performed well, reflecting Puma’s growing presence in performance running. Apparel currency-adjusted sales increased 0.9% with its football range benefitting from federation kit sales tied to eleven national teams ahead of the FIFA World Cup to be held this summer. Accessories currency-adjusted sales were broadly flat at +0.3%, with golf delivering a positive contribution.
“At the channel level, wholesale currency-adjusted sales declined 2.8%, weighed down by weaker retailer demand in EMEA and Puma’s ongoing efforts to improve its distribution network. In contrast, DTC grew 3.8%, with DTC mix improving to 28.3% from 27.5% a year earlier, as inventory clearance through outlet stores drove footfall.”
